The collection process is a sequence of actions that the IRS can adopt to collect on taxes you owe, if you don’t willingly pay them. The collection process will commence if you don’t make your payments in full and on time. If you come across an IRS collection action, such…
An offer-in-compromise is an effective way to settle your tax debt for less than the amount you actually owe. There are three types of OICs. In order to be considered for an OIC settlement, you have to qualify for one of these three conditions: Doubt as to Collectability: You can…
Orange County – IRS Collection Process When clients come to our office in Orange County, CA stressed about the daunting task of having to deal with their taxes, the first step we take is to find out where they are in the IRS collection process. Once we find out where…
First things first, what is an LLC? LLC stands for Limited Liability Company and these are strictly legal entities set up through the State and are used to protect personal assets. The IRS does not recognize the LLC as an entity, there is no IRS LLC tax form. As an…
For many business owners, the thought of keeping track of all financial transactions and recording them in compliance with the IRS tax rules can be extremely overwhelming – especially on top of all the other responsibilities you have as a business owner. Not only is it crucial to report all…
Tax Deductible in 2019 After 70 years of the same alimony tax rules, the Tax Cuts and Jobs Act (TCJA) brought in the end of an era. Under this law, alimony deduction was eliminated from the tax code beginning January 1, 2019 through 2025. If your divorce was finalized before…
Filing for a tax extension can be a huge relief in many circumstances – they allow you an additional 6 months to file your tax return. The only problem with them is, some people are unaware of what they really do and do not do. This extension made to assist…
Renting out a home can be a bit intimidating, at first thought. The cost of home repairs and the gamble of finding tenants can be stressful, but the benefits of income and tax deductions can make it all worth it. Many rental property expenses can be deducted to offset your…
Tax season might end April 15th but that doesn’t mean it’s the last day you’ll be dealing with it. The IRS contacts about 10% of taxpayers in the form of a letter or notice in the months following. The majority of these notices will require the taxpayer to take action…
Presently, more than 150 million taxpayers seek the assistance of tax preparation services and this is enough to prove the kind of business it tends to be. Many tax accountants and preparers take advantage of this growing need of people and try to lure them with low rate promises and…
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